Dear Investment Team,

Hello Team, I have revised the spreadsheet to include a 9th and final equation. The result of which may be found here. The equation is proprietary and so was not included. It handles interest rates in a simple but intuitive way that uses a critical interest rate of 2.5 and compares the curent rate to it. Rates less that 2.5 result in a growth of dollar value of a company and rates greater than 2.5 result in a reduction in dollar value (there are some variations to this with regard to Business Value). If you look at Berkshire you will notice that the business strengthens with increasing interest rates due to Berkshire's large equity (Higher interest rates means higher purchasing power). Intact Financial possesses a smaller equity to asset ratio than Berkshire and this creates a a very flat business curve with respect to interest rates. They are more affected by loss of growth, and their business value bottoms at about a 4% interest rate. Then there is Apple with a very small equity to asset ratio. Due to its small equity the business only loses value as interest rates increase. This is due to Apple's reliance on curent sales sgrowth to fuel is high PE ratio. In all three cases a minimum share price was determined that would offer a decent factor of safety from market crashes or interest rate hikes. For Berkshire that share price is $500,000, for intact financial that price is $137, and for Apple that price was $13.

Sincerely,

King Arthur Henry George of Britain

April 23, 2026